President Bola Tinubu, in a remarkable move aimed at addressing the pressing need for decent, quality, and affordable housing for all Nigerians, has given the green light for the construction of 34,500 homes across the nation. This monumental announcement was made by the Minister for Housing and Urban Development, Ahmed Dangiwa, during a momentous meeting with Taraba State Governor Agbu Kefas, held at the ministry headquarters in Abuja. This ambitious and promising project, aptly named “Renewed Hope Cities,” is envisioned to encompass a wide variety of housing options, ranging from cozy one-bedroom bungalows to multi-level flats, all tailored to cater…
Author: Temitope Nlewemchi
Investors in the local equity market experienced a collective wealth reduction of N156 billion by the close of trading last week, as profit-taking and selling sentiments prevailed. This decline in market performance came amidst anticipation and response to significant economic indicators and corporate earnings reports. The week’s trading sessions were characterized by reactions to the latest inflation data released by the National Bureau of Statistics, which reported a concerning 26.72% inflation figure for September. Additionally, investors were eagerly waiting for forthcoming corporate earnings reports, which would provide valuable insights into the forthcoming Q3 Gross Domestic Product figures and full-year results…
Unilever Nigeria Plc, a prominent consumer goods manufacturer, reported substantial growth in its financial performance for the period ending September 30, 2023. According to the unaudited interim financial statements released on Friday and filed with the Nigerian Exchange Limited, the company achieved a remarkable increase in its revenue, marking a significant upswing of 25.95 percent. Unilever Nigeria’s revenue surged from N64.768 billion recorded within the corresponding period in 2022 to an impressive N81.576 billion in 2023. This substantial revenue growth reflects the company’s continued commitment to delivering value to its stakeholders and serving the evolving needs of its consumer base.…
Infostride News reports that the Federation Account Allocation Committee (FAAC) has recently disbursed a total sum of N903.48 billion to the three tiers of government for the month of September 2023. This revelation was made during FAAC’s latest meeting, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. This allocation marks a significant decrease compared to the previous month, August 2023 when a total of N1.1 trillion was distributed. Notably, this decrease represents the first decline in revenue since May. According to reports from Infostride News, the breakdown of the allocation for September…
Former President Olusegun Obasanjo has passionately called upon the Federal Government to prohibit the importation of Chinese adire into the country, citing the urgent need to safeguard the local adire market from potential “bastardization” at the hands of the Chinese. In a compelling appeal, Obasanjo implored the government to exhaust all possible measures to preserve the local production of adire and, by extension, all other goods that could be manufactured within the country’s borders. The elder statesman made this impassioned plea during his opening remarks on Monday in Abeokuta, the capital of Ogun State, as part of the ‘Canada Trade…
The Federal Government is set to implement a bold move to streamline its public workforce and enhance financial transparency. As reported by Infostride News, this initiative involves suspending the salaries of public officers whose records cannot be verified on the Integrated Personnel and Payroll Information System (IPPIS). The decision was officially announced in a statement by the Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan. The move to suspend salaries comes after Infostride News had previously reported that an extension was granted to workers to verify their personal information, with the threat of salary seizure for October…
Infostride News can confirm a startling 60% price hike in Liquefied Natural Gas (LNG) or cooking gas at terminals during the month of October. At the beginning of the month, the cost of 20 metric tons of cooking gas at the terminal stood at N10 million. However, by October 20, this price had surged to N14 million per 20 metric tons, and shockingly, a circular obtained from the market revealed that by October 21, the price further soared to N16 million for the same quantity. This represents an alarming 66% increase in price within a single month. The circular, obtained…
On a momentous day in Kaduna State, Senator Uba Sani, the Governor of the state, took center stage to inaugurate a groundbreaking development that has the potential to transform the landscape of the region. This momentous occasion marked the official launch of the first Liquefied Compressed Natural Gas (L-CNG) station established by Greenville LNG, located in Kakau, Kaduna State. The inauguration ceremony, which took place on a Tuesday, was not just a symbolic gesture; it signified a significant stride towards economic growth, job creation, and energy security in the state. Governor Uba Sani, in his address at the inauguration, expressed…
The Nigerian National Petroleum Company Limited (NNPCL) has reported a surge in crude oil theft incidents throughout the Niger Delta, with a staggering 149 cases occurring in just one week. This alarming increase in illegal activities has raised serious concerns about the security and integrity of oil infrastructure in the region. According to a statement released on a Tuesday, NNPCL disclosed that one of the incidents involved the discovery of an oil bunkering site in Osuobodo, located between two ANTAN flow stations south of the Oguta naval base in Imo state. The situation has become particularly worrisome as the criminals…
Dangote Industries Limited has once again emphasized its unwavering dedication to environmental sustainability in the communities where its diverse business units are operational. Their commitment is manifested through a firm focus on harnessing natural and renewable resources. In a statement, the company emphasized its commitment to educating Small and Medium Enterprises (SMEs) on the importance of driving positive change and promoting sustainable production and consumption. These efforts, they believe, contribute to creating a more harmonious society conducive to economic development. Arvind Pathak, the Group Managing Director of Dangote Cement Plc, expressed these sentiments during the Sustainable Living Fair, an event…
The United Bank for Africa Plc recently conducted a remarkable initiative known as Fraud Awareness Week, with the primary objective of empowering customers with knowledge and tools to protect themselves against fraudulent activities and financial malpractices within the banking and financial sector. This week-long event, which took place from Monday, October 16th to Friday, October 20th, 2023, garnered significant participation from key stakeholders in the financial sector. These stakeholders voiced their concerns about the escalating instances of fraud and explored potential strategies to combat this pressing issue. As part of its comprehensive awareness campaign, the bank organized a Stakeholders’ Round-Table…
The Federal Government has unveiled an ambitious strategy aimed at enhancing the reach and effectiveness of its Value-Added Tax (VAT) collection. Under this plan, the government intends to employ additional tax agents across five key sectors. The objective is to maximize VAT coverage and collection, aligning with the provisions of Section 14 (3) of the VAT Act, and ultimately achieve the projected earnings from VAT revenue over the next few years. Value-Added Tax (VAT) is a consumption tax at a rate of 7.5 percent that is administered by the Federal Inland Revenue Service (FIRS). It is levied on the purchase…
Nigeria and Uganda have taken a significant stride in enhancing their air transport cooperation, heralding a new era of connectivity between West and East Africa. This breakthrough comes as Uganda’s national carrier, Uganda Airlines, introduces a new flight service connecting Entebbe International Airport to Lagos, Nigeria. This collaboration aims to foster greater connectivity and simplify travel between the two nations. The inaugural flight was piloted by a team of Nigerian aviators who undertook the journey from Entebbe to Lagos. This new air link, which will initially operate three times a week, represents a pivotal development in air travel between the…
The pivotal role of drivers within Bolt Nigeria’s operations was highlighted by Yahaya Mohammed, the Country Manager. This acknowledgment came during the inauguration of a groundbreaking driver engagement hub located in Lagos. The primary purpose of this hub is to enhance the experience of driver-partners while operating within the company’s service area. In a statement provided to The PUNCH on Monday, Mohammed emphasized the vital contribution of drivers to the company’s success. He stated, “Drivers are at the core of our business, and we want to see them succeed and grow their earnings. We also understand that every moment matters,…
Flight operations have recommenced at the Hassan Usman Katsina International Airport in Kaduna after a prolonged suspension due to security threats. The suspension stemmed from a devastating terrorist attack on the airport, as reported by Infostride News in March 2022. At that time, the Kaduna International Airport became the target of a large group of terrorists, estimated to be over 200 strong. Their presence effectively occupied the airport, preventing any aircraft from taking off or landing. This dire situation left travelers on the Lagos-Kaduna route with limited options, forcing them to either divert their flights to Kano or Abuja and…
The Lagos State Division of the Tax Appeal Tribunal has recently issued a significant ruling that requires MTN Nigeria Communications to pay a substantial sum of $72,551,059 in back taxes to the Federal Inland Revenue Service (FIRS). The period under scrutiny for this tax assessment spans from 2007 to 2017. This decision comes as a result of an appeal filed by MTN against the FIRS’s request for the payment of these outstanding taxes. The Tax Appeal Tribunal, led by Professor A. B. Hamed, and comprised of panel members P. A. Olayemi, Babatunde Sobamowo, Samuel N. Ohwerhoye, and Terzungwe Gbakighir, delivered…
The decision by the new Governor of the Central Bank of Nigeria, Dr. Yemi Cardoso, to lift the forex ban on 43 items has sparked a heated debate among major players in the Nigerian Maritime sector. While some view this move as a positive step for the economy, others remain skeptical about its impact. Infostride News delves into the intricacies of this decision and the various perspectives it has garnered. On October 12, 2023, the Central Bank of Nigeria made a significant announcement – the ban on forex for the importation of certain items, including rice, vegetable oil, and poultry…
The Nigerian Association of Small and Medium Enterprises (NASME) is embarking on a groundbreaking initiative to revitalize the Micro, Small, and Medium Enterprises (MSMEs) sector by launching a substantial N2 billion empowerment fund. Dr. Abdulrashid Yerima, the National President of NASME, made this momentous announcement during a recent media briefing held in Abuja. In a bid to foster economic growth and bolster the capabilities of MSMEs, Yerima detailed the ‘MSME 4.0 Program and Empowerment Funds,’ specially crafted to harness the potential of the Fourth Industrial Revolution (4IR) and the African Continental Free Trade Area (AfCFTA). Embracing the Digital Age Yerima…
The Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, has issued a stark warning about the urgent need for financial regulators to address the risks associated with the increasing concentration of power within artificial intelligence (AI) platforms. Gensler emphasized that without prompt intervention, the financial industry could face a potential crisis driven by AI within the next decade. This alarm was sounded by Gensler during a recent address to financial stakeholders, as reported by Infostride News, wherein he stressed that the regulation of AI presents a formidable challenge for US regulators. The risks associated with AI are…
In the midst of a hopeful narrative regarding the growth in the net asset value of pension funds by administrators, retirees in Nigeria are confronted with a stark reality – the substantial depreciation in the actual value of their pension assets when assessed in terms of the US dollar. This situation underscores the complex interplay between economic factors, currency devaluation, and inflation, which is affecting the financial well-being of pensioners. As of July 2023, data from Nigeria’s Pension Commission, also known as “Pencom,” reveals that pension funds have reached a net asset value of N17.07 trillion. This marks an impressive…